Performance Summary - Chow Tai Fook's (1929 HK) Q1 2026 results showed a significant improvement, with overall retail value (RSV) decline narrowing from 11.6% in Q4 2025 to 1.9% year-on-year[1] - Same-store sales in mainland China decreased by 3.3%, a notable improvement from the previous quarter's decline of 13.2%[1] - Hong Kong and Macau markets experienced a 7.8% year-on-year increase in retail value, with same-store sales recovering by 2.2%[1] Product Strategy - The sales of fixed-price gold products surged by 21% year-on-year in Q1 2026, with their sales proportion in the gold category rising from 15.8% to 19.8%[2] - The introduction of the new "Chuanxi" series has been well-received in the market, contributing to the strong performance of fixed-price gold products[2] Store Optimization - As of June 2025, Chow Tai Fook operated 6,337 stores globally, with over 97% located in mainland China[2] - The company closed 307 stores in Q1 2026, continuing a trend of store closures aimed at improving operational efficiency rather than expansion[2] - Despite a 5% year-on-year reduction in store count, overall retail value only declined by 2%, indicating improved same-store sales performance[2] Market Outlook - The current gold price is at $3,300 per ounce, a 38% increase year-on-year, which may pressure gross margins for FY 2026[4] - Chow Tai Fook's expected P/E ratio for FY 2026 is projected at 18 times[4]

截至 2026 年 3 月 31 日止財政年度第一季度之零售銷售表現 (1) 摘要 | | 集團整體 | | 香港、澳門及海外 | | 內地 | | | --- | --- | --- | --- | --- | --- | --- | | 零售值 | +13% | | +9% | | +14% | | | 產品佔比： | (6) 黃金及鉑金 | ：76% | 黃金及鉑金 | ：68% | 黃金及鉑金 | ：78% | | | 定價首飾 | ：24% | 定價首飾 | ：32% | 定價首飾 | ：22% | | 零售收入 | +14% | | +8% | | +31% | | | 同店銷售 | +5% | | +3% | | +19% | | | 店舖數目 | 3,162 | | 111 | | 3,051 | | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 備註︰ (5) 同店銷售為同一間自營店於可比較期內有完整日營運的銷售比較，有關數據不包 ...

Company Recommendations - Chow Tai Fook (1929) is recommended for buy with a target price of HKD 15.00, indicating a potential upside of 12.8%. The catalysts for this recommendation include the historical high gold prices and an increase in the proportion of high-margin fixed-price gold products, which is expected to narrow the year-on-year decline in same-store sales and revenue [10][13] - Pop Mart (9992) is also recommended for buy with a target price of HKD 300.00, representing a potential upside of 16.3%. The catalysts include the sustained popularity of key IPs like the Monsters series and the new IP CRYBABY, with expectations of an earnings surprise announcement in mid-July [14][16] Market Overview - The Hang Seng Index is currently facing resistance at 24,700 points, with recent trade talks between China and the U.S. leading to a temporary reduction in tariffs. However, the lack of progress in trade negotiations and limited corporate profit improvements are contributing to a slowdown in capital inflow [3][7] - The Chinese stock market is showing signs of recovery, with the Hang Seng Index recently surpassing 24,000 points, reflecting a positive market sentiment despite external pressures [7] Sector Focus - The Macau gaming sector is expected to perform well, with June's gaming revenue significantly exceeding expectations and the summer peak season approaching [8] - The brokerage sector is also highlighted, with the Shanghai Composite Index nearing 3,500 points and a continued trend of A+H share listings [8] Technical Analysis - Chow Tai Fook's stock price recently reached a 52-week high, supported by strong trading volume and a positive technical outlook, indicating potential for further gains [11][12] - Pop Mart's stock is currently supported at the 20-day moving average, with a favorable technical setup suggesting the possibility of new highs if it maintains above this level [15][18] Industry Growth - The traditional gold jewelry market in mainland China is projected to grow at a compound annual growth rate (CAGR) of approximately 22% from 2023 to 2028, with Chow Tai Fook holding a significant market share of 20% [13] - Pop Mart's sales growth in Q1 2025 is reported to be significantly higher than management's initial guidance, indicating strong demand for its IP products across both domestic and international markets [18]

交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 截至 2025 年 3 月 31 日止財政年度第三季度之零售銷售表現 (1) 摘要 | | 集團整體 | | 香港及澳門 | | 內地 | | | --- | --- | --- | --- | --- | --- | --- | | 零售值 | -6% | | -20% | | -2% | | | 產品佔比： | (9) 黃金 及鉑金 ：79% | | 黃金及鉑金 | ：73% | 黃金及鉑金 | ：81% | | | 定價首飾 | ：21% | 定價首飾 | ：27% | 定價首飾 | ：19% | | 零售收入 | -9% | | -20% | | +27% | | | 同店銷售 | -22% | | -24% | | -11% | | | 店舖數目 | 3,343 | | 76 | | 3,239 | | (8) 同店銷售為同一間自營店於可比較期內有完整日營運的銷售比較，有關數據並不包括品牌店及中國 ...